How to use Pancake Swap beginner tutorial
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How to trade on Pancake Swap
17,303 views
Aug 22, 2021
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FULL VIDEO TRANSCRIPT
00:00
pancake swap a decentralized exchange
00:02
that anyone can use on binance smart
00:04
chain in this video i’m going to show
00:06
you how to use pancake swap just trading
00:09
we are just going to trade this is the
00:11
full basics on how to trade on pancake
00:14
swap we’re not going to go over the
00:16
pools and farming and earning passive
00:19
income that’s going to be in another
00:20
video so look out for that on my channel
00:22
so we’re going to go over what is
00:24
pancake swap is pancake swap safe how to
00:27
connect your trust wallet to pancake
00:29
swap how to convert bnb to binance smart
00:32
chain and how to trade on pancake swap
00:34
this is going to be the full beginner
00:36
guide so look forward to that and stick
00:39
around for the whole thing otherwise
00:41
here’s some time codes and while you’re
00:44
still here please hit that like button
00:46
that helps this channel out and
00:47
encourages me to make more videos okay
00:50
let’s get started now let’s start off
00:52
with what is pancake swap pancake swap
00:55
is a decentralized exchange a
00:57
decentralized exchange means that you
00:59
don’t need a password you don’t need an
01:01
email address to sign up they don’t take
01:04
your personal information if you want to
01:06
start using their platform their
01:08
decentralized app all you need to do is
01:11
connect your crypto wallet and one of
01:14
the crypto wallets that you could use is
01:16
either trust wallet or meta mask both of
01:19
these operate on the binance smart chain
01:22
pancake swap
01:23
right now at the moment at least is
01:25
exclusively for binance smart chain so
01:27
you can trade just about any token on
01:30
binance smart chain as long as you have
01:32
the contract address there are a lot of
01:35
different swapping platforms available
01:37
let’s take a quick look on dap radar and
01:40
you can see there are a lot of different
01:42
uh d5 platforms but at the top of the
01:46
list is
01:48
pancake swap at least for binance
01:49
marching with
01:51
10.72 billion dollars locked and the
01:54
best way to find out if you can trust
01:57
the service is by looking at how much
01:59
value is locked onto their platform so
02:01
i’m sure you’ve heard of uniswap ave and
02:04
curve and in first place for binance
02:06
smart chain is pancake swap taking a
02:09
look at their website
02:11
pancakeswap.finance they have 2.6
02:14
million users in the last 30 days 45
02:17
million trades about 11 billion dollars
02:20
state now can you trust pancake swap
02:23
yes to an extent definitely uh minimize
02:27
your risk by using a wallet exclusively
02:30
for a pancake swap you can create
02:32
multiple wallets within trust wallet or
02:35
mask for free you just have to manage
02:36
all those accounts and pancake swap
02:38
hasn’t been hacked but there’s no
02:41
telling that that might not happen in
02:43
the future if someone discovers a
02:44
vulnerability now that’s the dangerous
02:47
part of cryptocurrency if there’s a
02:48
vulnerability that we don’t know about
02:51
now
02:51
that doesn’t mean that there won’t be
02:53
one in the future where your funds can
02:55
be lost or stolen and those are just the
02:57
warnings and if you’re comfortable
02:58
moving forward let’s exchange on pancake
03:01
swap
03:02
so here we are at the pancake swap
03:04
website we’re going to select connect
03:06
wallet at the top right it brings up
03:08
several options trust wallet wallet
03:11
connect and meta mask
03:13
trust wallet within the app has a wallet
03:15
connect so that’s pretty much the same
03:17
thing we can select more and we have
03:20
eight options my personal preference
03:23
trust wallet and metamask for this video
03:25
we’re going to use trust wallet because
03:27
i’m all set up on it and i have some
03:29
farms running so you can see what that
03:31
looks like
03:32
so we’re gonna select trust wallet
03:35
we did select trust wallet but metamask
03:37
popped up it’s cool we’re gonna hit
03:39
connect wallet we’re gonna select a
03:41
wallet connect this time
03:42
not a problem and i’m going to be
03:44
opening up the app on my phone so this
03:47
is the home page of the wallet section
03:49
and we’re going to select settings and
03:51
wallet connect
03:53
that will bring up the camera and we can
03:56
scan this qr code
03:58
next we’ll get a prompt to connect to
04:00
pancake swap and you should read the
04:01
details so you understand what you’re
04:03
connecting to pancake swap a next
04:05
evolution defy exchange on binance smart
04:08
chain wants to connect to my wallet it’s
04:10
going to view my wallet balance and
04:12
activity and it’s going to request
04:14
approval for transactions hit connect
04:17
and we’re connected so you can see my
04:19
wallet is connected here and that i can
04:22
harvest from some of my farms that i’ve
04:24
been running and i’ll make another video
04:26
in greater detail on how to use these
04:28
farms in d5 so you can earn passive
04:31
income bnb is the fuel to run any type
04:33
of transaction on binate smart chain so
04:35
you’re going to need some b and b my
04:37
personal recommendation if you want to
04:39
get b and b for finance smart chain
04:41
binance.com if you are a us user you’re
04:44
gonna have to use binance.us
04:47
but you’re only going to be allowed to
04:49
get bnb on binance chain you’ll have to
04:52
do a conversion and let me show you that
04:54
what that looks like so in my wallet we
04:57
are currently connected to pancake swap
04:59
we’re gonna hit back and
05:02
this one always confuses me do you want
05:04
to disconnect the session i don’t so i
05:07
want to save and leave now if i select
05:09
wallet connect again we’re gonna see
05:11
that i’m still connected so i’m gonna
05:13
hit back save and leave it keeps my
05:15
connection active and we’re gonna take a
05:17
look at my wallet you can see that i
05:19
have b and b and smart chain
05:22
they’re both b and b but on different
05:24
networks so this is my standard b and b
05:27
uh i’m staking it on trust wallet to
05:30
make more bnb for passive income let me
05:32
know in the comments if you want to
05:33
learn how to do that it’s pretty easy so
05:36
we select the three dots at the right
05:39
and then we can swap our b and b to
05:41
smart chain and the b and b smart chain
05:44
is the one with the black background so
05:46
if you want to swap your b and b to bind
05:48
that smart chain you’re gonna need the b
05:50
and b logo with the black background so
05:53
i can convert 100 of what bnb i don’t
05:56
have staked the balance it showed
05:58
earlier is my entire balance and not my
06:01
available to trade balance so i’ll have
06:04
a
06:05
and b available and if i want to swap
06:07
that to binance smart chain all i have
06:10
to do is hit swap and then it’s going to
06:12
bring up the fee the network fee is a
06:14
dollar 83 which is pretty reasonable i’m
06:17
switching from bep2 to bep20 this is the
06:22
finance network to finance smart chain
06:25
yeah i know it sounds confusing i get
06:26
confused too but if you’re going to run
06:28
on finite smart chain be20 is the one
06:31
you want and then we can hit confirm
06:36
loading and swap was successful
06:39
so i had 0.69 bnb now it’s 0.71
06:43
all right so let’s start trading bnb is
06:46
the native uh currency that you can
06:49
pretty much use on anything on
06:52
finance smart chain and all these other
06:53
daf so bnb is pretty valuable
06:56
and we can trade against anything so
06:59
by default it’s gonna show tokens that i
07:02
have available if we scroll further down
07:04
it’s going to have a list of some of the
07:06
top coins available on binance smart
07:08
chain but this is a short list it’s not
07:10
going to show you all the coins
07:12
available if there’s a coin you want to
07:14
trade on pancake swap and they have the
07:17
coin available on binat smart chain all
07:20
you have to do is input the address so
07:22
for example here we see that this is a
07:24
very short list but you can trade
07:26
anything on binance smart chain and i
07:28
made my own token dance only dance and i
07:32
can import it and i can trade it so
07:35
if you are going to trade on finance
07:37
smart chain there is a warning that you
07:40
should understand
07:41
anyone can create a bep 20 token on bsc
07:45
with any name including certain fake
07:48
versions of existing tokens that claim
07:50
to represent projects that do not have a
07:52
token so you might see tick tock token
07:55
facebook token
07:57
sony token
07:58
or you might even see other things like
08:00
doge or bitcoin on binance marching
08:03
those uh those are sketchy
08:06
don’t you don’t want to trade those
08:08
a lot of them are scams and you have to
08:10
be very careful so i understand the risk
08:13
this is my token do not buy this token
08:17
this is just a token i made for fun and
08:19
maybe i’ll give them away if i can
08:21
figure out how to do that without me
08:23
paying for that gas but otherwise this
08:26
was used for a test and only dance is
08:29
only for dan
08:31
or other people named dan maybe i’ll
08:33
hook you up with the token so i’m going
08:35
to import it and now it shows dance in
08:37
the other trading option and i could do
08:40
a trade so i could get 839 dan tokens
08:44
for 0.7 b b i don’t want to do that and
08:47
the price impact is too high it would
08:50
change it by 92.5 percent so
08:53
let’s go over all of this i’m gonna
08:55
trade for busd busd is a stable coin
09:00
it’s linked to one us dollar since 1b
09:03
usd equals one dollar it also shows us
09:05
that we get .00223
09:08
bnb
09:09
per busd i know that sounds
09:12
confusing and hard to calculate but if
09:15
you wanted to find out the value of that
09:17
just switch it so we’re going to hit
09:19
this down arrow it’s going to swap it
09:21
and now we see the busd value
09:25
per bnb 452 bucks now that makes a lot
09:28
more sense and it’s easier to
09:31
comprehend now with pancake swap you can
09:33
buy any amount you can buy a dollar you
09:35
could buy a hundred dollars a thousand
09:37
dollars there aren’t any minimums but
09:40
depending on how much you buy and how
09:42
much liquidity is available in that
09:44
trading pair
09:45
there could be some price impact
09:47
differences
09:49
so you saw with dans the price impact
09:51
was very high there is a lot of
09:53
liquidity for busd and bnb in this
09:56
trading pair so the
09:58
price impact was practically zero and
10:02
the minimum received so the minimum
10:04
received just explains how much you’re
10:06
gonna get at a minimum in case the price
10:09
uh moves while you’re uh trying to do
10:12
this trade and the liquidity provider
10:14
fee that’s how much i’m going to be
10:16
paying for this fee now if we hover over
10:20
this question mark it’s going to show
10:21
that for each trade we’re paying a fee
10:24
of 0.25 percent
10:26
that is uh kind of high it’s kind of
10:29
high and it’s not something you should
10:32
be trying to day trade against now if
10:34
you compare this to binance and kucoin
10:37
they trade at 0.1 percent so you would
10:39
be paying two and a half times higher in
10:42
fees to trade but the usefulness about
10:45
pancake swap is you don’t need an
10:47
account anyone can trade any token
10:49
that’s on finance smart chain and after
10:52
you make a trade that coin is
10:54
automatically in your wallet so you
10:56
would be avoiding those withdrawal fees
10:59
a little more on the details point one
11:01
seven percent goes to liquidity provider
11:03
token holders
11:04
point zero three percent to the
11:07
pancake swap treasury and point zero
11:09
five percent towards cake buyback and
11:12
burn so the
11:14
cake token is inflationary and they use
11:17
some of the fees to buy back and burn
11:20
those tokens a little bit more on the
11:22
trading uh up here on this little cod
11:25
wheel we can change the settings now we
11:28
have a standard fast and instant this is
11:30
if you want your trade to run really
11:32
fast but buy not smart chain
11:35
it’s pretty fast maybe five seconds the
11:37
transaction would be complete
11:40
i just keep it the standard you don’t
11:41
really have to do anything by default
11:43
it’s going to be on standard the
11:45
slippage tolerance how much will the
11:47
price move during your trade so up to
11:50
0.5 percent is the default option
11:53
transaction deadline expert mode flippy
11:56
sounds i actually don’t like the flippy
11:58
sound so oh you don’t see that hang on
12:01
uh there we go yeah flippy sounds on
12:03
flippy sounds off i prefer them off
12:06
and those are the settings so this other
12:08
thing here is your recent transaction
12:10
history i don’t have any recent
12:12
transactions but for this video we’re
12:14
going to have a new transaction we’re
12:16
going to trade some
12:17
b and b for some busd let’s do it that
12:20
way i’m going to trade
12:22
0.1 bnb for busd that should get me
12:26
about 45 bus dollars and i’m gonna hit
12:31
swap
12:32
now we’re jumping back into my phone and
12:35
now i’m going to make a swap so confirm
12:38
swap and then if we go to wallet connect
12:42
and we see that we’re still connected to
12:44
pancake swap we are going to get a
12:47
uh
12:48
notification
12:52
here we go smart contract call
12:55
error fail to connect that happens no
12:57
problem we are going to restart our
13:00
connection and this happens from time to
13:02
time so i’m gonna hit ok i’m gonna go
13:04
back i’m gonna disconnect this session
13:10
and then i’m going to connect wallet go
13:13
to wallet connect again rescan uh this
13:16
is gonna happen from time to time so be
13:18
aware if there is an issue
13:20
restart the process kind of glad it
13:22
happened in this video so you can see it
13:24
happen in real time select connect and
13:27
we’re back in it so we are going to
13:28
trade 0.1 bnb for some pusd and uh the
13:33
rate is still pretty good i’m gonna hit
13:35
swap i’m gonna confirm the swap and now
13:38
i should get a notification in the phone
13:41
smart contract call and it shows the
13:43
cost of our trade it’s gonna be a
13:44
network fee of 32 cents and what the
13:47
total is so that’s the total uh
13:50
including the fee and the exchange rate
13:53
it doesn’t show those
13:55
exact details but we know what we’re
13:57
trading within the platform i’m okay
13:59
with that so hit approve
14:02
and back on the website transaction
14:04
submitted close and we should have a
14:06
little bit of busd being added here
14:10
there’s our transaction receipt and the
14:13
uh that was as updated that was updated
14:15
in real time
14:16
happened in about five seconds so that
14:19
is how you trade using pancake swap and
14:22
that’s how you trade on pancake swap a
14:24
decentralized exchange with fees at 0.25
14:28
the fees are a little high and there are
14:31
are a lot of coins you can trade you
14:32
could trade any coin on binat smart
14:34
chain
14:35
but it doesn’t really have all the tools
14:37
that i need as someone who trades a
14:39
little more professionally like limit
14:41
orders stop losses and just being able
14:45
to see all the charts and as you advance
14:47
as a trader you might want those tools
14:50
and that fee of 0.25
14:52
is pretty high if you are new to crypto
14:55
i highly recommend sticking to a
14:58
centralized exchange because you can
15:00
recover your accounts
15:02
and
15:03
they don’t have as many sketchy coins on
15:05
there like you won’t be stuck buying a
15:07
bunch of pump and dump coins
15:10
that doesn’t happen on big exchanges
15:12
but that happens a lot on pancake swap
15:15
people are shilling absolute garbage on
15:18
pancake swap all the time but uh
15:21
that’s the world and uh there is a lot
15:23
of great coins you can invest in that
15:25
have great tech that are building things
15:27
that people will use uh rather than hype
15:30
and community driven tokens but that is
15:33
just my personal opinion when investing
15:36
in crypto i like to see something with
15:39
utility a use case that people will
15:42
potentially use now if this video has
15:44
been helpful please hit that like button
15:46
that helps me out and i hope you got
15:49
your full value for today
15:51
[Music]
15:56
you